什么是管理层的挖壕自守效应啊？

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<strong>管理层的挖壕自守效应是指什么？望高人指点！</strong>

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关键词：什么是管理 管理层 高人指点 管理层

Definition of Entrenchment: Entrenchment is a possible description of the actions of managers of firms. Managers can make investments that are more valuable under themselves than under alternative managers. Those investments might not maximize shareholder value. So shareholders have a moral hazard in contracting with managers.

Or, in the phrasing of Weisbach (1988): "Managerial entrenchment occurs when managers gain so much power that they are able to use the firm to further their own interests rather than the interests of shareholders."

The abstract to Shleifer and Vishny, 1989, p 123, is nicely explicit: "By making manager-specific investments, managers can reduce the probability of being replaced, extract higher wages and larger perquisities from shareholders, and obtain more latitude in determining corporate strategy."

http://economics.about.com/library/glossary/bldef-entrenchment.htm

简单的理解就是由于管理者凭借其信息优势地位,采取一些机会主义行为,目的是追求自身利益最大化,而非所有者收益最大化.

谢谢楼上两位！俺知道了！

我觉得好像不全面，机会主义是其现象，壕沟效应的目的是防范被收购。

解释的好

英语解释的比较全面